Q&As

Can a credit agreement be declared unenforceable as a result of irresponsible lending practices by the lender?

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Published on LexisPSL on 13/01/2022

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Can a credit agreement be declared unenforceable as a result of irresponsible lending practices by the lender?

Can a credit agreement be declared unenforceable as a result of irresponsible lending practices by the lender?

We refer you to the following Practice Notes:

  1. Consumer credit agreements—pre-contract requirements

  2. Responsible lending requirements—CONC 5

  3. Action for damages under FSMA 2000

  4. Consumer Redress Schemes

The rules in chapters 4 and 5 of the Financial Conduct Authority (FCA)’s Consumer Credit Sourcebook (CONC 4 and 5) replaced the Office of Fair Trading (OFT)’s Irresponsible Lending Guidelines (ILG) that were in place before regulation of consumer credit became the responsibility of the FCA.

You will note from Practice Note: Action for damages under FSMA 2000 that

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